gateway apartments lihtc application...ahaac lihtc presentation 6-2-2016 8 qap scoring –efficient...

6-2-2016AHAAC LIHTC Presentation

Gateway Apartments LIHTC Application


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QAP Scoring – 2016 Schedule

Review of QAP/discussion of potential changes Spring/Summer

Tax credit forum meeting October

How to apply January

CEO notification deadline January 27

Application reservation deadline March 4

CEO letter deadline April 1

Preliminary Rankings/Comment Period May 3

End comment period May 10

End rebuttal period May 17

Announce final rankings May 25

VHDA Board to review final rankings June 8

Application for allocation deadline November 2

Finalize allocations December 16


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QAP Scoring –Housing Needs Scoring Category Possible Gateway

Revitalization Area 0 or 10 10

Section 8 or PHA wait list preference 0 or 10 10

Subsidized Funding Commitments Up to 40 38.5

Existing RD, HUD Section 8, or 236 0 or 20 0

Tax abatement or new project based subsidy 0 or 10 0

Census <10% poverty and no other LIHTC 0 or 25 25

Development listed on Rural Development Priority 0 or 15 0

Dev. in area with little or no increase in rent burden UP to -20 0

Dev located in area with increasing rent burden Up to 20 20


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QAP Scoring –Dev Characteristics

Scoring Category Possible Gateway

Amenities * Up to 71 66.31

Project subsidies/HUD 504 access 5 or 10% 0 or 50 0

or HCV Payment Standard/HUD 504 access 5 or 10% 0 or 30 30

or HUD 504 accessibility for 5% 0 or 30 0

Proximity to Transit (Within NOVA or Tidewater) 0, 10, 20 20

Earthcraft or LEED Certified 0,15,30,45 45

Universal Design UP to 15 0

Developments less than 100 unis Up to 20 10.4

Waiting list preference to ID/DD within marketing plan Up to 20 0


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QAP Scoring –Amenities Scoring Category Possible Gateway

Community Room 0 or 5 5

Exterior Wall constructed with brick 22 19.31

Energy Star Appliances 0 or 5 5

Energy Star Windows and Glass Doors 0 or 5 5

Heat/AC – SEER rating 0 or 10 10

Sub-metered water expense 0 or 5 5

WaterSense faucets and showerheads 0 or 2 2

High speed cable, DSL, internet ready 0 or 1 1

Energy efficient water heaters O or 5 5

Water Sense toilet 0 or 2 2

Energy Star bath vent fans – new construction 0 or 2 1

R-3+ wall sheathing insulation 0 or 5 5

Cooking Surfaces – fire prevention 0 or 2 0


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QAP Scoring –Tenant Population


<=20% of units have 1 bedroom or less 15 15

Percent of Low Income units with 3 or more bedrooms 15 12.16

Notes• Points are not available for 3BR category if the

project does not have less than 20% 1BR


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QAP Scoring – Sponsor

Scoring Category Points Gateway

Developer Experience 10 or 50 10

Plan of Development 0 or 40 40

Notes• Max between two categories is 50 points

• Developer can get negative points due to various compliance issues on previous projects


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QAP Scoring –Efficient Use of Resources


Credit per unit Up to 200 80.33

Cost per unit Up to 100 27.71

Notes• Credit per unit scoring has is a major determining factor in the

amount of credits an applicant requests as part of the application

• Gateway Eligible for $2.43M annually in credits and requested $1.52M

• Assuming $1.00 tax credit price each 100,000 in tax credits equals $1.0 M in additional equity


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QAP Scoring –Bonus Points


Units at or below 40% AMI Up to 10 10

Units with rents at or below 50% AMI Up to 50 50

Extended Compliance/Non-profit purchase option 5,40,50,60 60

Combined 9%/4% Up to 40 0


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QAP Final Scores –NOVA

Project LocationQAPScore

RequestedCredits

Gilliam Place East Arlington 612.33 1,950,000

Birchwood at Brambleton

Loudoun County 585.67 843,658

Gateway Apartments Alexandria 581.22 1,524,847

Heronview Apartments Loudoun County 534.77 1,551,142

Parkside at Dumfries Prince William County

505.16 854,347


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Gateway Sources and Uses Sources Amount

LIHTC Equity $16.5 M

Perm Debt $5.5 M

Alexandria Debt $5.5 M

Deferred Development Fee $1.1 M

Total $28.6 M

Uses Amount

Acquisition $5.1 M

Soft Costs $3.2 M

Financing Costs $1.6 M

Construction $15.8 M

Reserves $0.5 M

Developer Fee $2.4 M

Total $28.6 M


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Questions?

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